June 25th, 2007
03:18 PM ET
12 years ago

Romney says he will loan his campaign more money

Romney said Monday will give money to his campaign for a second time.

WASHINGTON (CNN) - Former Massachusetts Gov. Mitt Romney, who is estimated to be worth at least $250 million, said Monday he will make a second contribution to his presidential effort. He called the move a "nightmare."

Romney, who loaned his campaign over $2 million in January, said he was forced to make a second loan in order to continue to get his message out and finance advertising in crucial campaign states. The Massachusetts Republican declined to say how much he will give his campaign this quarter.

"It would be nice not to have to loan or contribute to your own campaign," he told reporters during an all day national fundraising call event on Boston. "But the reality is if you want to have a strong campaign that gets out there and can talk across the nation, you’re going to have to do what's necessary. If other people are making sacrifices, I sure have to as well."

"It's not a dream come true. In some respects, it’s kind of a nightmare to write checks from your own bank account," he added.

Romney, who was little known beyond his home state when he launched his presidential bid, has steadily aired commercials in Iowa and New Hampshire since February. He said Monday that his campaign has already spent $3 million on television advertising. His chief rivals for the GOP nomination, Arizona Sen. John McCain and former New York City Mayor Rudy Giuliani, have yet to run television ads.

Including his own donation in the first quarter of 2007, Romney raised $23 million - a total well ahead of the other Republican presidential candidates. He predicted Monday that he would raise less in the second quarter, which ends Saturday, but said the campaign has more than doubled the number of contributors.

- CNN Ticker Producer Alexander Mooney

soundoff (7 Responses)
  1. Andrew, San Diego, CA

    You've got to love this guy! He sure must have the same problems you and I have (and know how we feel) - writing $2M checks when you have $250M is awfully painful.

    June 25, 2007 03:49 pm at 3:49 pm |
  2. Travis

    He's putting his money where his mouth is. Just like when he donated $1 million to the Olympics and took no salary. Also, when he took no salary as governor of Massachusetts. Shows he is in it to win, not just raise issues.

    June 25, 2007 05:00 pm at 5:00 pm |
  3. Shawnie Cannon, Grants Pass OR

    It isn't logical that he was talking about his own financial pain when referring to personal checks for his campaign. It is probably has something to do with falling short of campaign goals etc. He obviously does not do public service for the money, as much $$$ as he has turned down already and donated to other causes. He is way above it. There may be some selective editing in the CNN article as well. (You think?)

    June 25, 2007 05:11 pm at 5:11 pm |
  4. Mac - Denver

    Sounds like he may have some trouble staying within a budget; something that is not smart for a 'leader'. Obviously he's too much like our current 'leader'- spend like there is no tomorrow & let the US budget deficit continue to go through the roof!
    Unfortunately he's not a trillionaire – he could 'loan' the US the money to continue to operate as it currently is.

    June 25, 2007 05:46 pm at 5:46 pm |
  5. c

    Funny that you would even mention that romney has trouble staying with a budget given his record.

    did you forget that he turned around numerous budget flailing companies into successes, that he turned a 3 billion dollar budget deficit in MA a balanced budget, or that he took the olympic who was in debt and going down turning it into not only a balanced budget but huge profit and success.

    back up what you say with facts or dont, and those who read can judge for themselves.

    June 25, 2007 09:11 pm at 9:11 pm |
  6. Greg, Wenatchee, WA

    His "Campaign" brought in 1.5million 3rd quarter funds while he loaned (the word loaned means it has to be paid back somehow) his campaign 8.5million for a total of $10mil.

    Ron Paul on the other hand RAISED 5.1Million from ACTUAL consituents and people that support his Campaign.
    Romney should just withdraw now.

    October 5, 2007 08:48 pm at 8:48 pm |
  7. Greg, WA

    LOL Romney reports $10m for the quarter but of that $10mil he loans himself $8.5 million of that?

    Looks to me like Mr. Romney only raised $1.5million of outside support then.

    Compare this to Ron Paul who to the best of my knowledge hasn't loaned himself a dime and brought in $5million this last quarter.

    It would appear to me that Romney is seriously trailing in fundraising... Numbers from CNBC

    October 6, 2007 04:23 am at 4:23 am |